BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.03 per $10,000 · paid last 24h −0.006%

Price spread now: Polymarket Perps against Phoenix+0.003%7-day average −0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 4 days (all we have)−0.095%−$10 · spread now +0.003%, 7d avg −0.082%

Together, before fees−0.294%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.085% dearer against Phoenix than usual: you sell high and buy low (spread +0.003% now, against its 7-day average of −0.082%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days. At the pace of the last 7 days (−0.199% in total) that is about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	784.43	0.0120	pay 0.0015% / 1h	27m 19s	$158K	$38K	10x
Short	Polymarket Perps BNB-USD	784.45	0.0100	get 0.0013% / 1h	27m 19s	$131K	$924K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee Polymarket PerpsbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$4.25
Price spread: +0.003% → −0.082%: $8.45
Slippage, 4 orders: −$24.67
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$35.47
Costs to cover: 0.397%
Break-even: never at this rate

Slippage from Phoenix: live order book, 64 min ago; Polymarket Perps: live order book, 71 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 64 min ago	1.02 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 71 min ago	3.12 bp	7.1 bp −$7	7.3 bp −$73	doesn't fit	doesn't fit

BNB on 46 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX BNB/USD [WBTC.b-USDC]	L −0.0166% / S +0.0337%	1h	784.38	−0.006%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	784.91	+0.061%	$4K	—	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0021%	1h	784.20	−0.029%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	784.92	+0.062%	$3.0M	$27.3M	10x	as long as short
StandX BNB-USD	0.0000%	1h	784.49	+0.008%	$846K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	783.88	−0.071%	$9.4M	—	150x	as long as short
Aster BNBUSDT	+0.0019%	8h	784.80	+0.047%	$5.9M	$18.3M	200x	as long as short
BingX BNB-USDT	+0.0029%	8h	784.58	+0.019%	—	$22.1M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.634%	$19K	$789K	30x	as long as short
MEXC BNB_USDT	+0.0036%	8h	785.90	+0.187%	$82.3M	$12.2M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0036%	8h	784.92	+0.062%	$487.4M	$808.2M	75x	as long as short
Lighter BNB	+0.0096%	1h	784.66	+0.029%	$2.7M	$3.7M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.35	−0.010%	$1.3M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.72	+0.037%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.79	+0.046%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.11	−0.041%	$138.1M	$73.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.10	−0.042%	$53.3M	$110.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.60	+0.022%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.35	−0.010%	$39.4M	$55.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.04	−0.050%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.84	−0.075%	$75.2M	$32.3M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.95	+0.066%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.02	−0.052%	$4.2M	$5.0M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	784.76	+0.043%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	784.99	+0.071%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USDshort	+0.0100%	1h	784.45	+0.003%	$131K	$924K	10x
Orderly PERP_BNB_USDC	+0.0100%	8h	784.32	−0.014%	$264K	$358K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.27	−0.021%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.00	+0.073%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.50	+0.009%	$386K	$941K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	784.72	+0.037%	$1.5M	$141K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.56	+0.016%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.99	+0.071%	$88K	$37K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	783.82	−0.077%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.18	−0.032%	$377K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0108%	8h	784.80	+0.047%	$159K	$2.6M	4.8x	as long as short
Coinbase International BNB-PERP-INTX	+0.0120%	1h	785.76	+0.170%	$547K	$1.9M	50x	as long as short
Phoenix BNBlong	+0.0120%	1h	784.43	long leg	$158K	$38K	10x
BloFin BNB-USDT	+0.0146%	8h	784.85	+0.054%	$17.8M	$2.2M	75x	as long as short
dYdX BNB-USD	+0.0161%	1h	784.13	−0.038%	$157K	$65K	10x	as long as short
Bulk BNB-USD	+0.0200%	1h	784.80	+0.047%	$636K	$630	10x	as long as short
Phemex BNBUSDT	+0.0229%	8h	784.89	+0.059%	$68.3M	$51.0M	50x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	784.82	+0.050%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0319%	1h	783.80	−0.080%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0355%	1h	784.10	−0.042%	$1.1M	$906K	20x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	784.25	−0.023%	$67K	$39K	12x	as long as short